# In the matter of Surabhi Chits Limited

> NCLT judgment dated 2024-11-07. Citation: TCN-2024-NCLT-00290. The case involves Mrs. Poorna Chandra, an operational creditor, filing a petition under Section…

- **Court:** NCLT
- **Order date:** 7 Nov 2024
- **Citation:** TCN-2024-NCLT-00290
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/surabhi-chits-limited-6b7da36e

## Summary

### Background

The case involves Mrs. Poorna Chandra, an operational creditor, filing a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Surabhi Chits Limited, the corporate debtor. The petition is based on the corporate debtor's alleged default on a total outstanding amount of Rs. 1,52,92,624/- related to two chit agreements. The date of default is stated as 24.09.2022. The corporate debtor acknowledged the debt in a letter dated 25.08.2022, specifying amounts of Rs. 71,04,400/- and Rs. 70,70,000/- for two chit groups, payable by 24.09.2022. The petitioner served a demand notice on 26.10.2023. The corporate debtor contended that it engages only in business activities authorized by the

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## Facts

Mrs. Poorna Chandra (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Surabhi Chits Limited (Corporate Debtor). The claim is based on a default of Rs. 1,52,92,624/- related to two chit agreements. The date of default is stated as 24.09.2022. The Corporate Debtor (CD) entered into two Chit Agreements with Mrs. Poorna Chandra on 31.01.2018 for Chit Group No. BDG 3 Ticket No. 34 and Ticket No. 35, each valued at Rs. 1 Crore with a monthly subscription of Rs. 2 Lakh. For Ticket No. 34, the Petitioner paid 44 installments by 23.12.2021, and although the chit was prized on 09.06.2022, no payment has been received since then. Similarly, for Ticket No. 35, the Petitioner also paid 44 installments

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## Issues and analysis

### Issue 1: Whether this application is filed …

**Ratio:** A fresh limitation period starts when the principal borrower acknowledges their liability

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**Reasoning:** The Corporate Debtor acknowledged the debt in a letter dated 25.08.2022. The application

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**Interpretation:** The acknowledgment of debt restarts the limitation period, allowing the

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**Application:** Since the debt was acknowledged on 25.08.2022 and the application was filed on

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Poorna Ch…
- **Respondents:** M/s. Surabhi…

## Timeline

- **2018-01-31 — Chit Agre…**: Corporate Debtor entered into two Chit Agreements with Mrs. Poorna Chandra for Chit Group…
- **2020-11-09 — Chit pri…**: Chit No. BDG-3/35 was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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